* JPMorgan, United Technologies lead the Dow's climb
* Financials extend prior session's advance
* Housing starts show an unexpected rise
(Updates to early morning)
By Ellis Mnyandu
NEW YORK, July 17 (Reuters) - U.S. stocks rose on Thursday
as JPMorgan Chase & Co's <JPM.N> higher-than-expected profit
led a second straight day of gains by financial stocks as
concerns about the credit crisis eased.
Shares of JPMorgan, the No. 3 U.S. bank, jumped more than
11 percent, making the stock the top boost on the Dow and S&P
;500.
United Technologies <UTX.N> was another standout, its
shares rising nearly 6 percent, after the diversified
manufacturer and a Dow component posted results that also
topped Wall Street's forecasts.
A government report showed a surprise jump in U.S. housing
starts, but the Commerce Department said the gain in June was
due chiefly to a change in New York City building codes.
"I think ... we've reached a point in the market of some
stability," said Rick Meckler, president of investment firm
LibertyView Capital Management in Jersey City, New Jersey. "Now
we need to avoid bombshells that are unexpected."
The Dow Jones industrial average <> rose 84.92 points,
or 0.76 percent, to 11,324.20. The Standard & Poor's 500 Index
<.SPX> climbed 10.42 points, or 0.84 percent, to 1,255.78. The
Nasdaq Composite Index <> shot up 19.10 points, or 0.84
percent, to 2,303.95.
The S&P financial index <.GSPF> jumped more than 7 percent,
a day after Wells Fargo & Co's <WFC.N> results catapulted
financial stocks to their biggest gains in nearly two decades.
Wells Fargo, the fifth-largest U.S. bank and a big mortgage
lender, also raised its dividend on Wednesday, boosting
investor psychology at a time when others have been cutting
their payouts.
A report on business activity in the Mid-Atlantic region is
due from the Philadelphia Federal Reserve Bank at 10 a.m. (1400
GMT).
JPMorgan shares rose to $30.86, and United Technologies
climbed more than 5 percent to $64.61.
Shares of Coca-Cola <KO.N>, however, declined more than 4
percent as lagging volume growth overshadowed the soft drink
maker's stronger-than-expected profit.
The Commerce Department said if the change in New York City
building codes were ignored, housing starts would have
decreased by 4.0 percent last month. [].
(Editing by Kenneth Barry)
